A judge in Delaware Chancery Court denied a request on Thursday by Paramount Global shareholders to issue a temporary restraining order against the company’s potential merger with Skydance Media but has agreed to expedite the shareholders’ lawsuit so it is completed before FCC review of the merger is completed.
The lawsuit, which was filed by a group of New York City pension funds for firefighters, police officers and teachers, accuses Paramount of breach of fiduciary duty. Plaintiffs claim that a special committee formed by Paramount declined to consider an $8.8 billion all-cash offer from a consortium called Project Rise Partners, and sought the restraining order to allow the group to make their offer.